The Coimbatore Jewellery Manufacturers’ Association has appealed to the Union Government to abolish Goods and Services Tax (GST) on handmade jewellery.
This was one of the resolutions passed by the association at its annual meeting held here recently.
The association also sought reduction of GST on gold and gold jewellery from 3 % to 1.5 % and reduction of Customs Duty on gold imports to 2 % from the current 12.5 %. The GST Council should provide software for GST filings to all the licence holders.
The system of collecting Tax Deducted at Source from the goldsmiths in the unorganised sector should be removed.
There should be a system to provide gold metal in small denominations to the small and medium-scale main manufacturers. Gold should be removed from the list of trading commodities on the MCX. The cash transaction limit for jewellery sector should be increased to ₹5 lakh from the existing ₹2 lakh.
Courtesy - The Hindu